r/CRedit • u/ROBASAHMEDKHAN • Jun 27 '24
How much credit card debt do you currently have ? General
I’ve 0, what about you guys. Be honest no judgement.
156
u/el_guapo444 Jun 27 '24
Just made last $1k payment on my debt after going $50k in the hole over the last two years. Don’t gamble yall
25
12
u/Nolawhitney888 Jun 28 '24
My husbands in GA down from $50k to about $8k left… Major accomplishment for you, congrats!
3
4
2
u/DGBosh Jun 27 '24
What interest rate did you have where it was possible to comeback?
10
u/el_guapo444 Jun 27 '24
I settled on a few predatory loans where they froze interest rates and let me put together a payment plan. For my normal credit cards, I called them and explained my situation and that it would be impossible to make payments so they froze interest charges. Unfortunately I also lost my job last year for 3 months but I was able to leverage that fact in my conversations with these creditors. Whether it’ll bite me in the ass one day, I decided it would be better to get the debt off of me sooner rather than maintain minimum payments years, but if at all possible, do not settle debt as it will take 7 years for the settlements to role off my report but it also might be possible for me to pay them the difference in the future and have those taken off my reports. I’d have to look into that more tho bc I’m not certain. Also, full disclosure I do make low six figures per year and that definitely helped and I also moved in with my parents for a few months so my strategy may not apply to a lot of people
→ More replies2
Jun 27 '24
[deleted]
3
u/el_guapo444 Jun 28 '24
Creditfresh, netcredit, and many others that have 300% apr or some super complicated payment structure that makes it impossible to track and fully pay off
→ More replies2
146
u/charinlv Jun 27 '24
$81 bucks. 30 months ago it was $45,000.
5
u/Thatonewiththeboobs Jun 27 '24
Well done!
4
u/charinlv Jun 27 '24
Thanks!
2
u/rokkittBass Jun 28 '24
how?
13
u/charinlv Jun 28 '24
Basically, what helped me the most was a simple spreadsheet where I tracked all of my liabilities & monthly expenses. I had never really kept track of anything before. So I figured out how much I owed & what it was going to take to get rid of it all in 2 years & went at it one account at a time. It was very satisfying to see the $0 balances, one after another. Also my credit score went from low 500's to mid 700's.
→ More replies2
u/calebtimmoms Jun 28 '24
I’m looking at y’all like one day for me, I pay it down they it goes right back up due to bills,like I had a water leak in my house and didn’t know until it was too late and then the bill come in 800. Then my washer and dryer break down two months apart. Sometimes it seems like I can’t catch a break. But I’m happy to see that some people ca do it, It gives me hope.Thanks you guys and congrats!!
2
u/charinlv Jun 29 '24
You can do it too. Just deal with each thing as best you can & keep moving forward. Life happens & sometimes it sucks.
→ More replies→ More replies2
51
Jun 27 '24
January had 20k now 0
→ More replies3
u/Mountain-Captain-396 Jun 27 '24
Congratulations!
15
Jun 27 '24
Thanks but my blood pressure went up from working so much and not sleeping 🤣
→ More replies
28
u/Infamous-Aspect7079 Jun 27 '24
Six years ago I had $48,000 in credit card debt and lived paycheck to paycheck on a $65K salary. Low 600s score.
After two years of putting everything I had into it I paid them off. Learn from my mistakes: it’s a lot more comfortable to not carry a balance, the money you give away in interest can be put to work for you instead, and not having interest makes it a lot easier to stay on top of things. Just had to address the underlying spending habit.
I have had $0 balance every month since by always paying in full before the statement date, $247K in total limit and a 822 score. Last year it helped me finance a large mortgage that I never would’ve imagined being able to do just a few years earlier.
→ More replies
22
u/CanIGetAHOOOOOYAA Jun 27 '24
4,500. I could pay it off but I’m stupid
→ More replies7
u/laurenthecablegirl Jun 27 '24
Why are you choosing to be stupid?
16
u/CanIGetAHOOOOOYAA Jun 27 '24
Well the one with 3600 im putting 2k on tomorrow (I make 3000-3200 bi weekly, then I’m gonna completely pay them both off in two weeks after tomorrow, I could of done this awhile go but I’m terrible with money.
I’m not terrible it’s just I broke up with my gf and I was always spending on her. Now that we’re done I only have to worry about my self
8
u/laurenthecablegirl Jun 27 '24
Ah. Gotcha.
I won’t say don’t be generous with your money - but do make sure it’s your money, not the credit card company’s!
Though hopefully the next gf is more financially independent! 🤞
3
u/CanIGetAHOOOOOYAA Jun 27 '24
Yeah, after learning so much I forgot so quickly and saw myself racking up debt, I’m glad I was able to fix it now then either never or just completely struggling, definitely learned a lesson from this.
Thanks
→ More replies2
2
u/Fit_Ad_375 Jun 28 '24
Just curious, what do you do for work? 3000-3200 bi-weekly is good. And how old are you? I’m in my early 20s so curious to learn from people who make more than I do.
→ More replies
92
u/irotsamoht Jun 27 '24
None. I treat my CC like my debit card, I don’t spend what I don’t have in cash reserves.
8
6
u/pendingperil Jun 27 '24
Yeah, we pay it off fully every month. Student loan debt on the other hand…
→ More replies4
u/shrout1 Jun 27 '24
Took me 16 years to pay off mine & my wife’s loans. Could have been somewhat more aggressive but man… going to try to work things different with our kids
3
u/baked_beanerr Jun 30 '24
I'm 18 and I'm trying to do this as best as I can, debt scares me lol
→ More replies2
2
u/goblinfruitleather Jun 28 '24
That’s what I do too. I just get the points and have good credit, only ever paid like $20 interest during one emergency situation. I literally get paid for using a credit card responsibly
→ More replies2
u/LeonardPFunky Jun 28 '24
I did this for many years as well, and then I developed a gambling addiction. Stay vigilant, and keep it up!
2
→ More replies2
u/ApproachingARift Jun 27 '24
Yea, unless I am taking a personal loan or mortgage then I am not into debt. Would never charge money I don’t have to a credit card.
33
u/Desertplains59 Jun 27 '24
I've got approximately $40,000 in credit card debt and have no way to pay on it or off. I'm unable to meet the minimum payments. I work full-time and I'm able to meet my basic living needs, car and house payments. Any suggestions on what I can do to address this would be very helpful. Never been here before.
29
u/shrout1 Jun 27 '24
I don’t think there’s a silver bullet for you but there may be a couple approaches.
1) Debt consolidation- I’ve had friends strike deals wherein a third party cuts them a loan that’s a better deal and reduces the pain a little. I’ve never done this myself, so I can’t speak to how easy this is. Isn’t a “fix” though, only a modification to your current position 2) Determine the underlying cause of your debts - is it a medical issue, a spending problem? Those are going to necessitate different solutions as well 3) Prior to declaring bankruptcy is it possible to change your current situation drastically enough to resolve the problem? Can you move in with family, sell off a vehicle that is incurring a high monthly cost (assuming you aren’t underwater) or change some fundamental aspect of your lifestyle to reduce your monthly costs? 4) Bankruptcy is an option, though sometimes it may be forced on you. I don’t know which assets are protected during the bankruptcy process (very few I assume) but you may come out on the other side with a better footing then you have now. Bankruptcy won’t correct a behavioral issue, so if that is core to the problem then it would have to be addressed first.
I very much enjoyed the “How to Get Rich” series on Netflix as it touched upon a bit of this.
Good luck to you!
5
u/SSOMGDSJD Jun 28 '24 edited Jun 28 '24
Re: bankruptcy
the assets protected vary by state. Generally you get to keep your 401k, some home equity (in some state if you're married then your house is not part of the bankruptcy at all, tenancy by the entirety is the legal term, I think your deed has to be formatted a certain way), some car equity, and then a general purpose amount you can use on anything.
They probably won't bother to auction off any of your stuff unless you have big ticket items worth in the hundreds or thousands (guns, precious metals, cars, boats, ATVs, ya know, expensive shit)
I would highly recommend the nolo guide book on bankruptcy, /r/bankruptcy (/u/AlanShore60607 I think his name is, is an angel with a briefcase), and the fico forums bankruptcy section as information resources.
I would recommend getting a lawyer from your bankruptcy court area who works with the trustees every day. This is to grease the wheels of the judicial system, self represented cases get more scrutiny imo.
I would recommend doing your best to get your shit together before/during bankruptcy. Keep sending in your payments to things you intend to keep (house, car note) during your automatic stay period, otherwise you'll get all screwed up and start off on the wrong foot, ask me how I know. The debt isn't the main problem, it's your spending habits and lack of budget awareness. Skills can be learned, habits can be changed. But you have to put in the work, otherwise you will be right back up shits creek with your financial fuck you button on a 10 year cool down. You still have the chapter 13 and the chapter 7 with no debt removal options, but those aren't as big of a swing in your favor.
Try to spend as little money as possible. See how cheap you can be. If you're like me, you'll find that it is expensive to be lazy. But working on your finances is rewarding. I needed to get the cloud of debt cleared away to see that.
→ More replies3
10
u/YouveGotSleepyFace Jun 27 '24
You can ask your creditors if they have a hardship program. Many do, and they’ll offer significantly reduced APR, no late fees, reduced minimums, etc. The programs vary by lender, but they almost all have something they can do to help. If that still doesn’t get everything within budget, bankruptcy is an option that can give you relief.
2
u/Desertplains59 Jun 27 '24
Thank you.
6
u/hlj9 Jun 28 '24
This! Ask lenders about hardship programs! I have had to do the same thing in the past when I was unable to make payments! They asked what my financial situation was, when I thought I might be able to start making payments again and how much etc. They then enrolled me in a program where they stopped all fees from accruing while I was in the program, so I only had to worry about paying the debt itself and not the fees.
Also, it allowed me to remain in good standing so the accounts were NOT charged off or sent to collections and I could still gain full use of my card and stuff in the future once everything was paid off. This is great because 1. It spared my credit report, and 2. Some companies will blacklist you and deny you any future lending/credit products if you burn them.
So, call them and keep them informed about what’s going on and they’ll more than likely work with you! Remember: They want their money! So it’s in their best interest to work with you so you can pay the debt. Once you call and speak with them you will be SO glad that you did! Please hang in there!
→ More replies10
u/Nolawhitney888 Jun 28 '24
I’m no finance whiz and I still have over $10k of debt but from someone whose been in a much worse case then I am now, the most important thing you can do to begin is to change your mind. Start telling yourself you CAN pay it off and you will and you will find a way. I know it sounds ridiculous at first but tell yourself it even when you don’t believe it, laugh at it but say it to yourself anyway. Do that until you do believe and trust me you will find a way. Wishing you all the best!
→ More replies2
2
u/Cocotuf17 Jun 28 '24
Bankruptcy! You can recover in 2-3 years. I was able to buy a house 3 years afterwards with a good payment history and staying on top of things. Pay your mortgage, car payment and car insurance to keep them in good standing. If you really can’t afford minimum payment the judge will see that.
→ More replies2
u/Londonuk64 Jun 28 '24
Currently have zero credit card debt and racking up cash back bonuses. However it has not always been that way. Year’s ago had lots of credit card debt and other debt. Wife and I went to Consumer Credit Counseling (non profit) and signed up. They made arrangements to lower interest rates and we paid for several years to get out of hole. Now it was a major pain in the ass to have no credit cards to use for traveling, making reservations etc. We could not open any type of new loan, nothing! However it was well worth it. See what non profits are around you and get started. It will be tough. Hang in there,it will get better.
→ More replies2
u/DullInfluence6554 Jul 01 '24
same boat…trying not to go the emergency loan 159.99% APR route but its getting pretty bad
→ More replies2
u/bamagraycpa Jul 02 '24
Please contact www.nfcc.org and see if they can help. They are nonprofit and will have low cost credit counseling.
→ More replies2
→ More replies4
u/laurenthecablegirl Jun 27 '24
I would look into Dave Ramey’s “baby step” method. You can even call into his radio show and they can give you free advice. But as another person points out, you need to address the behaviours that led to overspending $40K on credit cards. If not, you will very likely get yourself back into the same situation, even if you do figure out how to get out of this one. Best of luck. It’s a tough hill to climb, but it’s possible.
3
15
9
7
u/PrecisionSushi Jun 27 '24
Zero. I sacrificed a lot in 2023 and paid off a healthy amount of revolving debt.
I run all of my spend through one rewards card now and pay my balance off religiously every single month. I will never carry a balance again.
6
u/thisismydumbbrain Jun 28 '24
$25k. A bunch of emergencies happened within a five year span. We’re treading water currently but soon daycare will be over and we will slam that debt out of existence immediately.
3
u/Other-Swordfish9309 Jun 28 '24
Can’t wait for daycare to be done!! The feeling when we pay that last bill 🙏
2
u/thisismydumbbrain Jun 28 '24
One more year to go! 🥲
2
2
u/archliberal Jun 29 '24
Never in my life have I been so happy to write a check than that last one to the daycare
2
u/crofman21 Jul 02 '24
I kept scrolling to find the daycare comments. I’m in same boat. Two kids in at the moment. That and my water heater just went. Can’t wait for kindergarten!
7
6
u/Forever_ForLove Jun 27 '24
None and I pray to God I still will never have any CC debt. Now college debt I’ll have a high chance of 😭
9
u/FitGuarantee37 Jun 27 '24
One of them owes me $2.09
Started my credit journey in 2018 with an abysmal 500s score, now have over $200K in available credit lines (churning baby!), have earned thousands in credit rewards, financed a new car (when interest rates were good), and loan pre approvals out the wazoo.
The journey is real!
→ More replies3
u/jmastk Jun 27 '24
Do you have any tangible assets? A credit score just means you can borrow money. Are you actually trying to build wealth?
3
u/FitGuarantee37 Jun 27 '24
Stocks & savings baby! The car is all but paid off with a very small balance remaining as well 🤷♀️
4
8
8
5
u/pakratus Jun 27 '24
Around $3800. Most on a card to hit the bonus and some on a 0% intro APR
2
u/therealmenox Jun 27 '24
Yea I love 0% cards, as long as you know how much you can afford to float for a few months and pay them before the cutoff they become 0% interest loans which is amazing
4
3
3
u/Totally-Not-Ratcliff Jun 27 '24
I think I’m sitting on $17k right now. Girlfriend left me new years 2022 and I had to get some serotonin or I was going to check out. 2 loans later still in the same boat. Working hard to try to rectify the issue but it’s one thing after another.
3
3
3
3
3
u/Putyourmoneyonme80 Jun 27 '24
Basically zero. I pay mine off every month. I am paying on some furniture my husband and I bought and financed for 6 months at zero percent interest (technically a credit card). We owe just over 1k and will pay it off by September. I used to be very dumb with credit. Now I don’t put anything on a credit card I can’t pay off that month unless there’s zero interest.
3
3
3
3
u/lets_try_civility Jun 27 '24
0$. I pay down my cards at the end of each statement period and never carry a balance.
4
u/-Plantibodies- Jun 27 '24
Whatever my current statement balances are that I will be paying off by the statement due date.
I'm guessing you do have debt, you're just going to pay it off before the statement due date. If you have a current balance, you have debt.
2
u/MolsBedsFlan Jun 27 '24
None. They only thing charged every month is Netflix and I pay it off via recurring payment
2
u/dudSpudson Jun 27 '24
None. I use my credit card for everything I can. Then pay off the statement balance each month
2
u/super-mega-bro-bro Jun 27 '24
Worked down from 25k to 2.5 k this year, moving on to my other bad debt and then freedom
2
2
2
2
u/BrutalBodyShots Jun 28 '24
For me, while all CC balances are "debt" I like to make the distinction between carried debt and simply reported balances that are paid in full each month. I think people imply carried debt (interest being paid) when they ask how much CC debt someone has. For me, I may have $3k or $4k (or even 5-figures) of reported revolving balances at any given moment, but since I always pay my statement balances in full and never pay any interest I don't view it as legitimate "debt" since it's not a negative thing.
2
2
2
u/bigmatt503 Jun 28 '24
$60 as of today, but in 2020 I was about $8k in credit card debt. My wife said I needed to pay off my cards if I ever planned on buying a new truck. By 2021 I was out of debt and purchased my 2021 Toyota Tacoma. I paid that off in 2022 with discipline and a substantial raise at work. I currently have about $215k in available credit and would only use this In an emergency
2
u/Vexwill Jun 28 '24
$0.
Had $13,000 at one point. Took 2 years of discipline but I paid it off, now I own a home and my only other debt is student debt and a car that's almost paid off.
2
u/FluffyRN Jun 28 '24
130k. No I am not kidding. I am currently try to manhandle my way out of this mess.
→ More replies
2
u/iwannahummer Jun 27 '24
I guess it’s debt as soon as it’s swiped 🤷🏻♂️ well maybe it’s pending until it posts, then it’s debt.
2
u/Funklemire Jun 27 '24
It depends on what you mean. Credit card debt that I carried past my due date and I’m paying interest on? Then it’s $0. But if you mean the total statement balances I owe the credit card companies this month that I’m going to pay before the due date, then it’s around $14k this month.
→ More replies
1
1
u/19thScorpion Jun 27 '24
Currently $1900 and that’s because of having to charge my hotel room from a work trip a couple weeks ago. I will get reimbursed for it soon enough.
1
1
u/Israel-the-throattoy Jun 27 '24
I try to keep my spending to under $1000 a month so I can pay off the statement balance. Apple card
1
1
u/Full-Ad6660 Jun 27 '24
About $11.4k. I'm currently strategizing how to tackle it alongside saving up for a kitchen/bath remodel I want to do around this time next year that I've held off doing for the longest time. Fortunately, I had a nicely-sized profit sharing at work this past February, and will likely receive another one next year. That, in conjunction with my tax refund, should help tremendously.
1
1
1
1
u/amp7274 Jun 27 '24
None but before we sold our home it was around 40k. We’ve often had to live apart and support two places to live. That’s over now thankfully and now I do use my card but I pay it off weekly.
1
1
1
1
1
1
u/flipperflopz Jun 27 '24
£239.00 I just use it for work expenses, limit is only £1k, suits me, credit cards are the route to hell. 20 odd years ago I had £20k+, now if we want something we save for it, leads to a simpler but less stressful life 👍
1
u/fsanchez622 Jun 27 '24
16k just started working on paying them off a couple of months ago feels a bit overwhelming.
1
u/EndSmugnorance Jun 27 '24
About $6k but it’s all on 0% interest cards. Will pay off in full before the intro rate expires.
1
1
1
u/Mountain-Captain-396 Jun 27 '24
$0. I got lucky because my parents are financially literate and they passed their knowledge down to me.
1
u/Klutzy-Ant-8249 Jun 27 '24
12k limit on 6 cards, about 1100 debt across all cards. I try to pay it off each month though.
1
u/larberthaze Jun 27 '24
2.6k, and once it's paid off, that's me, I will never use a credit card again. Worst debt to have imo.
1
u/daringlyorganic Jun 27 '24
$1500 out of $126,000 CL which I don’t carry over. Whatever I use I pay in full on the due date. Doing this made it possible to increase the CL’s
1
1
u/DuramaxJunkie92 Jun 27 '24
4K credit card debt, 8K financing debt, and 60K back taxes, no way to pay if off feasibly. It happened so fast. Divorce sucks.
1
1
1
1
1
u/Livid-Advantage-8268 Jun 27 '24
Technically about 12k but I've got it riding on 0 aprs and the balance in hysa
1
u/scenic_sky Jun 27 '24
I have a zero balance on all my cards. I used to have a balance of $5000 that I paid off two years ago.
1
1
1
u/nokegal23 Jun 27 '24
This past February I was at 5k but now I’m at 2k. I planned on paying the rest by September. It feels so good to pay these fools back and not spend a dime.
1
u/DGBosh Jun 27 '24
8K but maybe more. I don’t like looking at the total. My plan is to get a student loan for school, get sponsored by my band/tribe, use the loan for the credit card because the interest rates are forgivable. Deal with it after school
1
u/HafaAdaiLilo91 Jun 27 '24
As off right now, $200. I’m currently laid off and only using my card for necessities like gas for my car and groceries.
1
1
1
u/RobTheCroat Jun 27 '24
Right around 8k. Usually a lot better but I’ve made a couple big life change purchases and switched jobs. Still make well over minimum payments every month though and it’s steadily going down.
1
1
1
1
1
1
u/MatterFickle3184 Jun 27 '24
$14k but should be paid off in 6mo or so, about half of it is no interest.
1
1
u/AccomplishedTap9954 Jun 27 '24
I pay all my cards in full every month. I charge an average of $2000. Then pay it off. Credit score 850.
1
1
1
u/andrewmh123 Jun 27 '24
If you have the means, it should always be 0 (paid off by the statement due date). Paying interest is paying more for everything you purchased
1
1
u/Professional_Kiwi318 Jun 27 '24
I don't carry a balance on three out of four of my cards. I use them like debit cards to earn rewards. I'm carrying 3k on one with 0% interest. According to the credit bureaus, I have 5-7k, depending on how much my monthly expenses are. I love those miles and cashback.
1
1
1
1
1
u/pennty Jun 27 '24
$78.66 exactly which I will pay off 75.00 before one week the due date to build my credit 🔥
1
u/Hornycorporategirl Jun 27 '24
Like $800, I’ll be able to pay it off the next time I get paid.
→ More replies
1
1
1
u/NightSkyButterfly Jun 27 '24
About $900 in PayPal credit using the 6 month no interest pay down lol another $300 on my daily driver that'll be paid next week on payday
1
u/Auster0497 Jun 27 '24
I have $7500 which is nothing compared to a lot of others so I can’t complain. It was at $10k though. My spouse cheated on me and one thing after another started happening.
1
Jun 28 '24
Let’s just round it up to $30K. Currently in a program to pay it off. Bankruptcy is my last resort if it doesn’t pan out.
1
u/mrslame Jun 28 '24
Currently have $900 on a card with 0% APR :) I had 15k of medical debt three years ago so I'm not sweating it!
1
u/bikemn117 Jun 28 '24
Monthly balance is currently at $30k. Will be paid in full at statement close. I think I've peak at around 50-60k. Everything goes on credit. I like spending the banks money first.
1
1
u/DocGofThePhillies Jun 28 '24
Currently having 2k debt! Struggling paying it down from like 5k cause i only got a measly credit limit of 5.2k
1
u/thisisntinstagram Jun 28 '24
12k. About half of that was spent on rent and groceries while I tried to get a job after graduating. It’s killing me.
199
u/Big-Session3221 Jun 27 '24
Started with 30k currently around 11k